Ravita IPO

Ravita Engineering Services is an electro-mechanical contractor that designs, buys, installs and commissions cooling and air-handling systems for someone else's building or platform, then often stays on to run them. The work it calls EPIC - Engineering, Procurement, Installation and Commissioning - covers HVAC systems, central air-conditioning, airflow systems, chiller plants, industrial compressors and other electro-mechanical equipment, all on a turnkey basis. It runs three segments: Onshore (commercial buildings, hospitality, corporate parks and industrial facilities across Gujarat, Maharashtra, Odisha and Karnataka), Offshore (rigs, platforms and marine installations in Indian territorial waters), and Data Center (cooling and mechanical utilities, including work for Reliance Corporate IT Park). Incorporated in December 2007 and headquartered at CBD Belapur in Navi Mumbai, it employed 399 people as of 30 June 2026.

Project revenue recognised as turnkey contracts are executed, plus a longer-tailed operations and maintenance annuity on systems already installed. The order book of Rs 491.13 Cr at 30 June 2026 splits as Onshore Rs 243.43 Cr (EPIC Rs 143.49 Cr, O&M Rs 8.29 Cr, hybrid Rs 91.65 Cr), Data Center Rs 177.57 Cr (EPIC Rs 120 Cr, O&M Rs 57.57 Cr) and Offshore Rs 70.13 Cr (EPIC Rs 45.18 Cr, O&M Rs 24.95 Cr) - so roughly Rs 90.81 Cr of that book is recurring O&M rather than one-off build. The economics are contractor economics: Ravita procures equipment, carries the cost through installation and bills on milestones, which is why total income nearly tripled to Rs 277.82 Cr in FY26 while cash from operations went to minus Rs 46.85 Cr and trade receivables reached Rs 100.56 Cr by 30 June 2026. Growth therefore consumes working capital rather than releasing it, and Rs 70 Cr of the Rs 116.05 Cr issue is being raised to fund exactly that cycle.